What’s Ahead For Mortgage Rates This Week – December 19, 2016

Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

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1144 E Sesame Street Tempe, AZ 85283

$589,000

3 Beds

2 Baths

2,028 SqFt

Status Active Under Contract

MLS # 6716194

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home featuring 3 Bedrooms + Home Office - where elegance meets functionality. The rich Brazilian Walnut floors create a warm and inviting ambiance throughout. Key Features: Open Floor Plan: The layout has been thoughtfully designed to provide a spacious great room, perfect for an active family and ideal for hosting gatherings. Flexible Space: The home office space can easily be returned to the original 4th bedroom, accommodating your changing needs. Modern Kitchen: The kitchen has been tastefully updated, offering both style and practicality. Bonus Amenities: Enjoy the convenience of an air-conditioned workshop in the backyard, along with a separate storage house. No HOA Hassles: Say goodbye to homeowner association headaches.

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1402 E Briarwood Terrace Phoenix, AZ 85048

$589,000

4 Beds

2.5 Baths

2,061 SqFt

Status Active Under Contract

MLS # 6726149

Property Type Single Family Residence

Price Type --

Nestled in the Augusta gated community, this recently renovated, charming home features newer kitchen with quartz counters and shaker cabinets, master bathroom, tile flooring in the common areas, new interior paint as well as vaulted ceilings creating an open and airy feeling. And not only does it look inviting but renovations also include recent roof underlayment and one AC unit replacement. For those with an electric car, the newly epoxied, three car garage is wired for a car charger. With neighbors on only one side, the private backyard and pool provide an ideal spot for relaxing and entertaining. All this and easy access to the Foothills Golf course and South Mountain hiking trails make this a must see for those looking for a cozy, convenient, and move-in ready home.

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36095 N Desert Tea Drive Queen Creek, AZ 85140

$589,000

4 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6585436

Property Type Townhouse

Price Type --

Welcome to this tastefully decorated and designed property located in the highly desired gated community of Encanterra! Downstairs, this home offers the primary room, a guest bedroom, bathroom and laundry. Upstairs, you're greeted with a cosy loft, two bedrooms and third bath. The kitchen is complete with quartz countertops, modern cabinetry, glass tile backsplash and GE Monogram stainless steel appliances with built in refrigerator, dual ovens and warming drawer. You want it furnished, 'lock & leave' status... Sure! Relax and enjoy yourself under the covered back patio with a built-in BBQ looking out to a large grassy area. Welcome home!

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513 E Angela Drive Phoenix, AZ 85022

$589,000

3 Beds

2 Baths

2,308 SqFt

Status Active Under Contract

MLS # 6747667

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this beautiful 3-bed, 2-bath home with custom-like charm! Great curb appeal highlighted by a 2-car garage & a mature landscape w/lush lawns. Fabulous interior showcases tons of natural light, a neutral palette, recessed lighting, & shiny tile floors w/wood-look in bedrooms. You'll love the spacious living room & the open-concept family room! The gourmet kitchen boasts SS appliances, granite counters & backsplash, oversized island, and a plethora of cabinetry. Cozy dining area w/bay window Double-door main bedroom has a walk-in closet and French doors that open to the ensuite w/dual sinks, jetted tub, & a tiled shower. Enjoy the entertainer's backyard offering a grassy area, covered patio w/extended pergola, & a fenced pool for year-round enjoyment! Just WOW!

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1620 N San Marcos Drive Apache Junction, AZ 85120

$589,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6766124

Property Type Manufactured Home

Price Type --

WOW! Look at this home, 1820 sq ft and 1758 sq ft garage/workshop. This property is over an acre and has a beautiful view of the Superstition Mountains . Home is a 4 bedroom, 2 bath with a½ bath in the shop. All appliances convey with the purchase, including washer/dryer. The granite countertops are beautiful and the wood look flooring was added in 2023 . The low-e windows were installed in 2023 as well. Home boasts a spacious kitchen, large pantry, pull-out shelves and an island. The master bedroom has an on suite with an oversized shower . The garage is a car buff's and/or handy-person's dream . Large door is 8' and has ample storage above . In the large part of the garage you will find a vehicle lift that can hold up to 9000lbs . Two 50 amp, one 30 amp plugs and a compressor for your toys or whatever you may have. You will see a low maintenance property the desert landscape and gardening shed. Heating and cooling were updated in 2018 in both the home and garage. Solar panels are 1/2 paid for, loan is assumable for the remainder. Keys are ready for a new adventure for you!

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915 E Cobble Stone Drive Queen Creek, AZ 85140

$589,000

3 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6716595

Property Type Townhouse

Price Type --

Start enjoying Encanterra today! This spacious resort home is situated on a premium homesite overlooking a walking trail and stunning mountain views. This home offers a bright and open floorplan with 3 bedrooms, 3 bath, den and spacious loft. Step inside and you'll find upgraded tile plank flooring. The kitchen has beautiful maple cabinets and gorgeous quartz countertops and custom backsplash. All the bathrooms are upgraded with tile surrounds and upgraded fixtures. The garage is spotless with an epoxy finish, R/O and soft water system. The home is situated on a premium homesite and steps away from La Casa as well as the new Algarve, adult pool and restaurant. The Resort collection at Encanterra is perfect for the seasonal resident or year-round homeowner!

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2930 E Leland Street Mesa, AZ 85213

$589,000

4 Beds

2 Baths

1,796 SqFt

Status Active

MLS # 6749119

Property Type Single Family Residence

Price Type --

This newly painted home w/garages & parking galore!! NO HOA!! 3 car garage, a 12 ft RV gate, & a 60 ft long by 15 ft wide concrete pad behind the gate. A 46 ft long by 5 ft wide concrete walk leads from the garage walk door to back yard. Front door is under a covered pergola seating space & opens to a large front living room & then into the spacious kitchen, great room & breakfast nook. 42'' wood cabinets glow, accented by the beautiful granite and tile work. Master and 3 bedrooms complete the package. Lg master w/walk door to back patio, walk-in closet & beautiful bath w/custom tiled shower. Newer appliances. Interior just painted/freshened up, as well as exterior and trim painted. Large back yard is an open canvas & sale includes the 10 ft x 8 ft shed. Convenient NE Mesa location

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1178 E Sabino Drive Chandler, AZ 85286

Open House

$589,000

3 Beds

3.5 Baths

2,239 SqFt

Status Active

MLS # 6687681

Property Type Single Family Residence

Price Type --

Just steps from the beautiful community pool and Tumbleweed Park and Rec Center. Bright, airy and open is the best description for this home. An island , breakfast bar and large pantry highlight the entertainer's kitchen with Stainless Steel Appliances. A sizable walk in closet, large private bath and dual sinks show off the primary bedroom. Located very close to shopping, schools and the freeway access. Lease expired and tenants left.

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3677 E Park Avenue Gilbert, AZ 85234

$588,900

3 Beds

2 Baths

1,450 SqFt

Status Active

MLS # 6757367

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly desirable Gilbert neighborhood of Higley Groves! Nestled on a lush tree-lined street across from the local school, this home offers both charm and convenience. Inside, you'll find a beautifully upgraded kitchen with quartz countertops, new stainless steel appliances, a stylish farm sink, abalone backsplash, and refinished cabinets with new hardware. The master suite features double sinks and a walk-in shower, while upgraded tile flooring throughout, 5-inch baseboards, and fresh paint enhance the modern feel throughout the home. New ceiling fans with remotes are hung in every room. Garage floors have beautiful epoxy finish. Wood shelving in garage will convey, however, wood workstation will not convey. Step outside to your backyard oasis with new pavers, a sparkling pool, and a heated Jacuzzi perfect for relaxing or entertaining. Both the pool pump and spa heater were replaced within the last year for worry-free enjoyment. The front courtyard, also with new pavers, offers an inviting space to unwind. Additional newly poured concrete slab in the driveway offers extended parking to the future homeowner. Blackout sunscreens on the windows provide relief from the beautiful Arizona sun when enjoying the calm interior of your new home. This low-maintenance home is ready for you to move in and enjoy! TVs and TV mounts do not convey.

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624 E Laguna Drive Tempe, AZ 85282

$588,500

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6759953

Property Type Single Family Residence

Price Type --

Solar Powered Energy Efficient Mid Century Modern 3 Bedroom 2 Bath Home located in a quiet cul-de-sac. 2 Car Attached garage with a brand new EV Charger. Extra Large Old Fashioned Pool with a 9' depth, a new filter and pump, with new decking. Remodeling: new master bath, new flooring throughout house with baseboard, new light fixtures, new HVAC duct work and vent system. Plumbing, electrical landscaping, and painting upgraded. It is a work in progress. You can finish to your tastes. Profitable rental and you can have an ADU. No HOA for your friends who have motor homes. Near schools and parks in an up and coming area of Tempe, 2 miles from the ASU campus. The lot is huge with alley access. Extra tall block wall in backyard for maximum privacy.

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1114 N Velma Court Gilbert, AZ 85233

Open House

$588,500

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6769960

Property Type Single Family Residence

Price Type --

Discover this exceptional ADA-accessible 4-bedroom, 2-bathroom home in Cooper Ranch, Gilbert, perfectly designed for comfortable living and entertaining. Enjoy the inviting atmosphere with fresh interior and exterior paint, solid wood doors, and brand new tile flooring throughout. The spacious, brand new extended porch is ideal for relaxing by the pool, while two charming barn doors add a unique touch to the open layout. The home boasts a well-maintained AC system (only 4 years old) and a brand new roof and fascia boards (2021). Outdoor spaces feature stunning travertine pavers, pet-friendly artificial turf, and a professional putting and chipping area designed by Celebrity Greens. With recent upgrades including a new power panel box (2022), water heater for the hot tub (2021)... and a modern kitchen remodel (2020) with new appliances (2022), this home blends style and functionality. Amazing solar powered pool lift for easy access to enjoy the sparkling pool. A 220 outlet in the garage is perfect for EV charging, while an accent wall installed in 2021 adds a stylish flair. This beautifully updated home is ready for you to make lasting memories!

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932 W Macaw Court Queen Creek, AZ 85142

$588,005

4 Beds

3.5 Baths

2,303 SqFt

Status Active

MLS # 6782320

Property Type Single Family Residence

Price Type --

Ready End of December! Located Near all the amenities and park area.4 Bedrooms 3.5 baths, plus Study, beautiful White cabinets with Quartz Counter tops, Gas range, wood look tile, Herringbone tile backsplash and two-tone paint throughout!! View fenced backyard with covered patio to enjoy. Just steps away from all the amazing Amenities North Creek has to offer.

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